7 Year Limit ???? On Derog Items??
I just got back a transunion cr edit report and it had an item that I thought would be off.....It was a last pmt made in 2-97 but the bank did not charge off the accout until july 97. I called transunion(a real project, let me tell you) and was told it will not come off until aug 04 Can I complain about this to anyone??? or is this the way it is, But because of this item I was turned down for a home equity loan(no new money-just lower rate) and insurance for 2 rental prop from Allstate ins.
Dispute it as "not mine" online or with a Certified Mail, Return Receipt letter. Chances are it's too old to verify!
Also, if that fails follow up every sixy days or so with a dispute over a different aspect of the TL -- wrong balance, wrong Date of Last Activity, etc.
One way or another, you can likely get it off early.
I got the report yesterday when I was turned down for insurance on a property---ALLSTATE has a phone # and transunion sent me a copy in about 5 days. Would I be better off disputing the date of last activity??? or listing as not mine. NOTE it should be the only item on my cr as we paid cash for everything the last 7 years, but there were a bunch on items Paid as agreed that were older than 97, I am hoping that they remain I just have this one bad item I want to get rid of THanks again[ Edited by jenkie01 on Date 02/29/2004 ]
I had an issue like this before....
What I did was write the school and inform them of the error and stated that I was in the process of getting a new car and that the late payment which was not late was affecting my fico score.
Then I disputed with EQ as being DOLA not correct.
A month later it was off...
Best wishes...i
[addsig]
"Not Mine" first and foremost. If it fails, go on from there. Saying anything else is admitting it's yours. There's no reason to do that even if it is.
I will send out the not mine letter tomorrow, I will look online to see if there is a form letter for me to mail. Thanks again Pat
Or better, you could file a dispute online and by going to the credit bureau website.
I recently aquired my credit reports from all three credit reporting agencies. I subsequently disputed every negative report to all three agencies. I did it all on-line. Cost about $70. I did, however, dispute most of them by saying I closed the account or it was never late, etc...
I was a little weary about saying they simply weren't mine! I guess I should have. So if the disputed items still appear on my credit, I guess it's too late to say they weren't mine? Most of the negative info was just old accounts that were clogging my credit. Made it seem as if I had 30 or 40 lines of credit! If I can get my score up by 20 or 30 I should be in good shape.
Later,
Sickdog
My client has a small corporation that he formed some six months ago. It has a bank account about 6 maximum amount CD's a small stock portfolio and owns at this time about 4 small 8 unit buildings. All doing well.
Anyway He finds a 34 unit in foreclosure and wishes to purchase it as it is in distress. Goes into the bank and requests a loan. He offers the Corporation which will be in title. The bank says that the Corp has no credit. It has bought nothing on credit except of course the small unit portfolio.
My client asks for a credit report on the small corporation and in it comes. It has no reportable credit. The lenders on the small units are happy and report perfect payment. The bank is sitting with 600,000 on deposit in CDs of $100,000 each. The Corp has maybe $10,000 in its checking account..
I could use a few suggestions. My solution was merely to assume the existing mortgage on the 34 unit. Grind for about six months which will increase the net income and then apply for a decrease in interest rate.
Open for suggestions Lucius
jenkie...
There are a ZILLION form letters (and examples of letters) to use on ****Must Reach Freshman Investor status before posting URL's*** I've been on that board for a few weeks now, and have gotten TONS of helpful info on there to clean up my credit !!!
Dig around on their site for a bit...its excellent for help on cleaning up credit...
Good Luck and keep us posted !!
Lufos,
Why not take one of those 100k cd's and putit up as collateral for a LOC in the corporations name. set it up for a interest only ACH automatic withdrawl from the corp checking account. Do this with Wells Fargo. You dont even have to use any of the money. I pulled my credit with a similar line (less dollars), never used the line, but they still report it as a payment being made every month. on top of that, i dont know if it was a mistake or not they even show it as a real estate mortgage!!! More points!!
Well, here's the deal---Actually there were only 3 bad items on my CR and 2 were tha same acct with the same bank and the same acct #s for the same $$ amt,, it was that one had a few 000000 in front of it and the third was from Asset Acceptance Corp place 11-03 and updated 1-04. What ever that account was it was last paid Jan 1997!!!!!
I did call CCC and was told that the way the CA's keep things going is to keep transferring them every few years and it will turn up as a new activity every time the same account is transferred---Ain't that cute!!!!! I was told that if you have an account that is 6 years old and dead and you decided to make a pmt of some sort, it starts the new 7 year window again for the item to appear on the CR. Can that be right????
I listed all 3 accounts as not mine and will see what happens from there. If they go back on then I will dispute the 7 year time since last activity (which was 1-97), I guess. One thing at a time.
I did this online hoping it would be faster and saved copies off al the screens.
[ Edited by jenkie01 on Date 03/08/2004 ][ Edited by jenkie01 on Date 03/08/2004 ]
WELL, WELL, WELL.......
I got my transunion CR back in the mail yesterday and ALL 3 items were deleted. Now my CR is perfect...But my income is still low as I go to nursing school full time and only work PT and the bank that has my home mortgage will not refi my house for that reason and wil not count my rentals as they are all new-within a year.[ Edited by jenkie01 on Date 03/20/2004 ]
Does it cost you money to dispute "negs" on your credit report?
No and I did it online, but you need a copy of you credit report in front of you ----you can get it by paying for it, or get a copy from a leand who you appled for credit, or get one from transunion dirsectly for free if you were turned down for creit, insuraance. or a job-as was my case.
Where do you go online to dispute these items..? You may have to breakup the URL since it looks like they have filters on the forums to stop Spam Ads.. (a good idea in my opinion)
Thanks,
Barry
www.equifax.com
www.experian.com
www.transuion.com
Also, some of the services like PrivacyGuard have online dispute systems.